Wakefit, Corona Remedies’ GMPs jump up to 18% ahead of IPOs
The initial public offering (IPO) market is heating up, with two highly anticipated issues set to open next week. Unlisted shares of Wakefit and Corona Remedies were trading at a premium of up to 18% in the grey market on Wednesday, indicating strong investor interest in these companies. In this article, we will delve into the details of these IPOs and what they mean for investors.
Wakefit, a home and furnishings startup, has set a price band of ₹185-195 per share for its ₹1,289 crore IPO. The company’s issue is expected to open on December 7 and close on December 11. The IPO consists of a fresh issue of ₹357 crore and an offer for sale of ₹932 crore by existing shareholders. The proceeds from the fresh issue will be used to repay debt, fund working capital requirements, and support business growth.
On the other hand, pharma firm Corona Remedies’ IPO is worth ₹655.37 crore. The company’s issue is also expected to open on December 7 and close on December 11. The IPO consists of a fresh issue of ₹220 crore and an offer for sale of ₹435.37 crore by existing shareholders. The proceeds from the fresh issue will be used to fund capital expenditure, repay debt, and support business growth.
The grey market premium (GMP) is an indicator of the demand for a company’s shares before they are listed on the stock exchange. A high GMP indicates strong investor interest and can be a positive sign for the company’s listing. In the case of Wakefit and Corona Remedies, the GMP has jumped up to 18%, indicating that investors are bullish about these companies’ prospects.
Wakefit is a leading player in the home and furnishings market, with a strong online presence and a wide range of products. The company has reported strong revenue growth in recent years, with revenue increasing from ₹143 crore in FY20 to ₹441 crore in FY22. Wakefit’s IPO is expected to be a major draw for investors, given the company’s strong growth prospects and the increasing demand for home and furnishings products.
Corona Remedies, on the other hand, is a pharma company with a strong presence in the domestic market. The company has a wide range of products, including APIs, intermediates, and finished dosages. Corona Remedies has reported strong revenue growth in recent years, with revenue increasing from ₹234 crore in FY20 to ₹434 crore in FY22. The company’s IPO is expected to be a major draw for investors, given the strong growth prospects of the pharma industry.
The IPO market has been heating up in recent months, with several companies lining up to raise funds from the public. The strong response to recent IPOs has encouraged more companies to come to the market, and investors are eagerly awaiting the listing of Wakefit and Corona Remedies.
In conclusion, the GMP of Wakefit and Corona Remedies has jumped up to 18% ahead of their IPOs next week, indicating strong investor interest in these companies. Both companies have strong growth prospects and are expected to be major draws for investors. The IPO market is heating up, and investors are eagerly awaiting the listing of these companies.
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